We rented out our basement for the first time in 2017. Need help determining how to calculate deductions?

gardner1942 · ‎June 4, 2019

SweetieJean · ‎June 4, 2019

Rented out as an apartment? Or for something else?

gardner1942 · ‎June 4, 2019

Rented as apartment. FYI apt. is 1/3 of total livable space of house

SweetieJean · ‎June 4, 2019

Is it separately metered for utilities?

gardner1942 · ‎June 4, 2019

No! FYI Only one person lives down there and my wife and I upstairs so it's 1/3 occupants also.

SweetieJean · ‎June 4, 2019

Does it have its own bathroom and kitchen? Do you have a signed lease, and is rented at Fair Market Rent?

gardner1942 · ‎June 4, 2019

Is there a simple formula for depreciation?

gardner1942 · ‎June 4, 2019

Yes! It has it's own full bathroom, kitchen with oven and washer and dryer

gardner1942 · ‎June 4, 2019

No signed lease and at the low end of fair market value

SweetieJean · ‎June 4, 2019

gardner1942 · ‎June 4, 2019

It has it's own outside entrance also.

gardner1942 · ‎June 4, 2019

Is there any way to talk to someone on the phone about this?

SweetieJean · ‎June 4, 2019

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